ABSTRACT
Between 1998 and 2011, the United States experienced a great housing convulsion that made and destroyed fortunes and left financial wreckage in its wake. According to Federal Housing Finance Agency Data, U.S. markets experienced 48 percent real price growth between 1998 and 2006, and 28 percent real price decline between 2007 and 2012. Aggregate statistics mask the far more extreme fluctuations that can occur within individual metropolitan areas. Las Vegas experienced 78 percent real price growth between 2002 and 2006, and 67 percent real price decline between 2006 and 2012.
